From: Fred Winkler [fwinkler@bellsouth.net]
Sent: Saturday, December 21, 2002 11:15 AM
To: rule-comments@sec.gov
Subject: (s7-48-02) Limitation of information Financial Advisors need 
to disclose to investors, 34-46920 proposed rule?

SEC:  I am not sure if proposed rule 34-46920 is the only proposed rule 
you have that seeks to limit the information that Financial Advisors 
need to disclose to investors but I am shocked that in this day and 
age the SEC, which is supposed to be the investor's protector, would 
even consider a rule/rules which limit the information Financial Advisors, 
Brokers etc have to disclose to individual investor who are at a tremendous 
disadvantage any way with reference to information leveling the playiny 
field with investment banks, brokers etc who have abused and taken advantage 
of investors for years. If the last year has not taught the SEC what 
scondrals are dealing with the public, what will????  You have allowed 
the research and investment banking fields to be corrupted for years.  
You have just merely slapped the wrist of the Investment houses with a 
mere 1.2 Billion dollar fine when they have caused Trillions of Dollars 
of loss to the average investor who was duped by them giving "buy" 
recommendation to dogs they KNEW were bad. How can you possibly think 
there should be exemptions to limit information that is given to investors 
rather than more. How can you reward the continued fraud that will be 
practiced on individual investors by limited information??  You are settling 
a suit because proper information was not passed on and now want to limit 
that information.  WHY??? What does the individual investor have to do to 
get a chance at investing on a par with the investment houses/investment 
banks?? Please increase the information, conflict of interest etc that 
need to be disclosed.  

hank you, 

Fred Winkler.